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CDS Startups Layer 2 Labs Raises $ 3 Million

Startups

Layer 2 Labs Raises $ 3 Million

lectertodd30/12/20221 Mins read383

Bitcoin Development Company Layer 2 Labs Raises $ 3 Million

The round, funded by angel investors, will provide the firm with the support it needs to be able to integrate the latest sidechain and drivechains technology into the Bitcoin network.

Table of Contents

What is Layer 2 Labs Drivechains?

Drivechains are a second blockchain that communicates with the main blockchain and tries to provide a better user experience (UX). Drivechains are an example of a sidechain.

Paul Sztorc, the CEO and founder of the company, has been working on drivechains since 2015. Sztorc is also a well-known Bitcoin researcher and developer. Layer 2 Labs will primarily focus on the system, which allows users to move Bitcoin (BTC) back and forth between the main Bitcoin blockchain and various drivechains.

What is the Purpose of Drivechains?

According to Sztorc, drivechains will allow Bitcoin users to access state-of-the-art services and products that are currently only available on altcoin networks. Examples are Ethereum’s Augur and Zcash’s zero-knowledge proofs, which is a method of proving anything without revealing sensitive information.

References

www.coindesk.com

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Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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